中国资本市场实证分析

A Positive Analysis on the Chinese Capital Market

在Ｓ＝Ｉ的国民经济恒等关系中，如果利率的下降导致储蓄Ｓ减少，那么从储蓄流出的货币将转向投资Ｉ，形成Ｓ＜Ｉ的状况，投资的增加一方面通过投资乘数的作用引起国民收入成倍增长，另一方面又引致利率上扬。这两方面的结果促使储蓄增加，Ｓ与Ｉ在一个新的水平恢复均衡。...

Abstract In S=I, the identical equation of national economy, if a decline in interest rate brings about a fall of saving (S), then the money flowed from saving will turn to investment (I), S<I will be shaped, the increase in investment will on one hand lead to national income redouble by the role of investment multiplier, an on the other hand, it will result in the raise of interest rate.Both will lead to an increase in saving, and S and I will balance on a new level. However, the assumption of this process is to have a mature capital market. This article is, by a positive analysis on a series of important factors , to investigate the development of the Chinese capital market and its effects on macro economy.